Bitcoin is trading around $80 500, maintaining a position above the $80 000 threshold. Throughout Tuesday, the asset fluctuated within a range of approximately $79 400 to $80 800. Over the previous 24 hours, the price recorded a modest increase of about 0.3 percent.
The current market activity follows a decline on Monday, when prices dipped below $80 000 amid investor concerns regarding AI-sector valuations and rising oil prices. Additionally, spot Bitcoin ETFs have experienced outflows. For the current week, the price has largely remained within a band of $79 000 to $81 000.
The Federal Reserve is scheduled to hold a policy meeting on October 27 and 28, with a decision expected on Wednesday. The current target range for interest rates is 3.75 percent to 4 percent. Market participants are monitoring the upcoming press conference by Fed Chair Kevin Warsh for potential signals regarding a possible rate hike in December.
The November 3 midterm elections represent another significant factor for the market. Analysts from TD Cowen suggest that election outcomes could impact the progress of the CLARITY Act for up to two years. Prediction markets currently estimate a 90 percent probability of a Democratic win in the House and a 62 percent chance in the Senate.
